If you do go down the road for a LPTV station license, be aware that the FCC is forcing another migration for broadcast stations similar to the prior analog to digital transformation from several years ago. There is now a mandated migration from ATSC 1.x to ATSC 3.0 (which is not compatible with the 1.x standard currently in use). At this point, there are no published deadlines and worse yet, no TVs or tuners available in the US to receive the new format.
Existing stations are at best just in the planning stages, however the auction to sell their transmit channel has been completed and initial channel reassignments have been assigned. Another large group of UHF TV channels are being sold for other services (cell and extended wifi services) so nearly all stations will be forced to change broadcast channels again in addition to new transmitters to handle the new format. Not only are the smaller stations being affected, but the large and powerful stations as well. WNBC-TV was one of the stations that sold their channel (for a record sum) and will eventually move from their own signal to a virtual channel on their Univision station license in New York City.
No station is currently using the new format for regular programming, but there are a few that have gotten experimental licenses to perform testing using the new format and gain experience that may help prevent issues found during the analog to digital migration (such as the unexpected coverage holes from stations that remained on VHF transmission channels).